Dubai-based Shuaa Capital has announced an agreement to acquire Integrated Capital and Integrated Securities from Abu Dhabi’s Integrated Financial group.
Shuaa Capital shares increased 11.7 per cent to Dhs1.82 following the news.
Integrated Financial Group is managed and controlled by Abu Dhabi Financial Group (ADFG), which acquired a 48.36 per cent stake in Shuaa last November.
Its securities unit specialises in equities listed on the Abu Dhabi and Dubai exchanges and has more than 3,000 retail and institutional clients, Shuaa said.
Integrated Capital is a licensed investment company that has played a role in recent fixed income transactions including Etihad Airways Partners’ debut $500m bond issuance.
Shuaa said the deals would offer improved synergies and efficiencies and broaden its product portfolio.
The acquisition price was not disclosed but Jassim Alseddiqi, who is chairman of Shuaa and CEO of ADFG, said last month it was working on the acquisition of a financial services company for less than Dhs200m ($54.46m),
“The company is contemplating to restore SHUAA to its rightful position as a leader in capital markets and investment banking in the region. This is a gradual process, with an emphasis on building the right synergies and bringing the best products and services to the company’s clients, investors and stakeholders,” he said.
The deal is subject to due diligence and regulatory approval and is expected to close in the “coming weeks”.